On-line type store Missguided calls in directors | Industry Information

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On-line type store Missguided has referred to as in directors after failing to safe a rescue bid.

Directors from Teneo have been appointed on Monday after the corporate used to be issued with a winding-up petition by means of clothes providers who’re owed hundreds of thousands of kilos.

Teneo’s Gavin Maher mentioned: “As we proceed to look, the retail buying and selling surroundings in the United Kingdom stays extraordinarily difficult.

“The joint directors will now search to conclude a sale of the industry and belongings, for which there is still a top stage of pastime from various strategic patrons.”

About 140 jobs are considered in peril, with The Dad or mum bringing up a supply as pronouncing greater than 80 folks had right away been made redundant.

Teneo mentioned Missguided will proceed to industry whilst a purchaser of the industry is sought.

Boohoo, a bigger on-line type store, were in talks to shop for Missguided in a prepack management deal.

JD Sports activities and ASOS also are idea to have proven some pastime, however a deal used to be no longer made.

Missguided used to be based by means of Nitin Passi in 2009 when he used to be simply 26, and grew into one in every of Britain’s greatest online-led type outlets, competing with the likes of ASOS and Boohoo.

Its adventure used to be no longer with out critical difficulties, then again, together with in 2017 when one in every of its Leicester-based providers used to be accused after an undercover investigation of paying employees not up to the minimal salary.

In 2019, it confronted scrutiny over the sale of a £1 bikini, however replied by means of pronouncing that the clothes merchandise had “value us extra to supply than £1 and we are soaking up the prices so we will be offering it at an implausible worth as a present to our shoppers”.

Missguided did open a handful of bodily shops, together with one at London’s Westfield buying groceries centre, however made up our minds to near them after deciding that their running losses have been too huge to justify.

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